Legal spend challenges facing private equity leaders in 2021

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75% of PE legal leaders believe that greater predictability of legal costs is more important than a reduction in spending, according to research conducted by legal spend management and matter tracking platform Apperio. 
 

The study finds that PE firms do not always have the right data or insights to improve the predictability of their legal spend and proactively manage their outsourced legal work. This is based on a commissioned independent survey of 160 in-house legal professionals at PE organisations with an average of $14 billion under management in the US and UK.

In-house legal leaders indicate a resolution lies in better visibility into timely data about legal budgets and spending. Other findings include:  

●      79% said access to accrual data from law firms before invoices are published, would decrease the chances of receiving a higher-than-expected bill

●      88% said their decision-making ability would improve with better visibility on work in progress (WIP)

●      84% agreed that having access to current, or live data, around legal expenses would improve a deal team’s ability to take corrective actions and avoid budget overruns

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Apperio’s legal spend management platform is specifically designed for in-house legal, finance and deal teams. With ever-increasing scrutiny over how investors’ funds are deployed, Apperio helps PE firms to track the ongoing costs associated with fundraising, oversee the investment matters currently in progress with external firms, improve the predictability and efficiency of legal spend, and safeguard regulatory compliance.